First Time Buyers
Buying A New Home
For most people buying a home is the single biggest investment they will ever make. So before you make this important decision it is essential to gather as much information as possible. The following information is designed to help with your decision.
There is a popular saying that the 3 most important things to consider when buying a house are location, location, and location!
Some points to consider: Are there schools close by? What sort of recreational facilities are there? Is public transportation available? Is it convenient for shopping? Is there health care nearby? How far do you have to travel to work?
Another very important thing to consider when buying a new home is its size. Is it big enough to take care of your current needs and will it be large enough as your family grows? How many bedrooms and bathrooms do you need, is the kitchen big enough, is there a play area, do you need room for a home office? How is the space laid out? Does it allow for the free flow of kids and adults throughout the house?
Every OXNARD project is architecturally designed to make the most practical use of space and flow.
Once you have determined the size of house you need and its location you need to analyze the financial costs:
How much do you have for a down payment? What are the closing costs, including legal and moving? How much will the monthly payments be (include mortgage payment, taxes, insurance, and utilities)?
You and your spouse may be eligible to withdraw up to $20,000 each ($40,000 total) from your RRSP. You must be a first time home buyer and you must pay the money back to the RRSP over a period of up to 15 years. For complete information speak to your bank, or call the Canada Customs and Revenue Agency 1 800 959 8281.
CMHC Mortgage Insurance
Many first time buyers have difficulty accumulating sufficient capital for a down payment on a home. The federal and provincial governments have adopted a variety of programmes to help with this process. Speak to you bank for further information.
Land Transfer Tax Refund
First time buyers of newly-built homes are also eligible for a land transfer tax refund of up to $2000, based on the purchase price of the home. Contact the Ontario Ministry of Finance 1 800 263 7965.
CENTURY 21 Leading Edge Realty Inc., Brokerage*
Choose the right Broker for you!!
Instead of initially shopping for a property, shop for a capable agent to represent you. A buyer seeking client status representation needs the services of a competent, concerned agent rather than a “good listener.” When you find that agent, he or she will spend an hour or two talking with you to determine your specific needs and objectives. This procedure is called counselling.
Counselling considers the financial aspects of your situation balanced with your personal comfort zones. Assuming your objectives are compatible with the agent’s ability to help, the agent will suggest that you employ the firm as a BUYER BROKER. An appropriate Buyer Representation Agreeement (BRA)will be executed.
You have now broken the traditional pattern of being a customer and have attained client status. Your agent’s effort is directed to benefit and protect you, and to get the right property at the right price and terms for you. Customers usually see only listed properties, but the entire market place opens up for a client who has employed a BUYER BROKER. A Buyer’s Broker is the only agent who can legally and ethically negotiate the best price and terms for the buyer/client.
A competent Buyer’s Agent will sift through numerous properties and expose the buyer only to those that seem to fit the pa-rameters developed during counselling discussions.
The Buyer’s agent will usually devote more time checking out a listing to determine that a property really suits the client’s needs. This procedure saves the buyer time and effort when buyer real estate the easy way. Finding real estate to purchase can be a frustrating and dangerous experience. When the buyer is a client and has the benefit and protection of a Buyer’s Broker to guide the way, the experience is less frustrating, safer and on surer ground.